It is expected that global demand for AI spending is likely to increase two-fold over the next four years, rising form almost US$ 50 Bn in 2020 to US$ 100 Bn by 2024, with close to 15% CAGR for the next 5 years.
Artificial Intelligence has brought a structural shift in the automotive industry. It is been considered at every level, from manufacturing, supply chain management, to autonomous vehicles. In fact, almost every business vertical is exploiting the potential of AI for better customer experience, ease in operations, collecting data, and reaching a higher revenue bar.
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Fact.MR projects strong growth for the AI virtual visor market as demand from automotive and electronic industry continue to surge.
North America is projected to witness healthy growth during the forecast period with the U.S. leading at the forefront. Growth in the region can be attributed to the increasing advancements in technologies, rising adoption of smart vehicles, and high incidence of car crashes.
“Increasing penetration of artificial intelligence (AI) in automotive industry will create lucrative growth opportunities for the AI virtual visor market players. Companies are likely to register maximum sales in the U.S., Europe, and China,” says the Fact.MR analyst.
Key Takeaways from AI Virtual Visor Market Survey
- With increasing adoption of smart cars and rise in car accidents, North America is projected to emerge as the most lucrative market for AI virtual visors.
- Demand in the U.S. is expected to account for maximum sales in North America.
- China, as the leading producer or automobile and electronic goods, will emerge as a highly lucrative market for AI virtual visor.
- The Europe market will continue to register strong CAGR between 2021 and 2031 backed by demand in Germany and the U.K.
- Increase in car accidents coupled with rising focus on consumer safety fueling the demand for AI virtual visor in vehicles.
- AI integration in vehicle design will create attractive prospects for growth.
- Rising production and sales of passenger vehicles worldwide is positively impacting the market.
- Risk of technological failure can be considered as the biggest barrier in the adoption of AI virtual visors. Moreover, the failure of AI or the camera can lead to an un-recognized driver face, and eventually the product will fail to perform its basic operation.
What is the Future for AI Virtual Visor Technology?
Bosch has revealed the first prototype with LCD screens. Currently, analysts in the industry are not sure about the variants that they are going to offer. The automotive industry uses two main types of LCD screens – passive matrix and active matrix, using thin-film transistors. It is estimated that the company can use both displays to provide a better user experience.
Similarly, Organic Light Emitting Diodes (OLED), Filed Sequential Color (FSC), Excellent Black Technology (EBT), and Color Super Twisted Nematic (CSTN) are considerable future prospects for manufacturers. AMOLED displays have better and quicker response time and superior image quality, and can be reliable to provide quicker darkening of cells in a driver’s dynamic conditions.
How is Autonomous Cars Technology Likely to Embrace AI Virtual Visors?
Trends that are technology driven are likely to revolutionize the industry, and the profit margin is more related to how market players respond to shifting consumer behavior.
Artificial intelligence, digitization, automation, and various new technologically advanced business models have revolutionized almost every industry, and the automotive industry is no exception to it. Autonomous or self-driving cars are gaining popularity among both, manufacturers and customers.
Looking towards the safety benefit, governments are ensuring that more reliable and advanced technologies are put on the road. Since cars are not likely to be totally human intervention-free, the requirement of humans during unprecedented times is required. Autonomous driving, mobility, connectivity, and electrification are four disruptive technologies in the automotive sector. Virtual visors can be add to the list of gadgets with which these cars are loaded.
Key companies operating in the AI virtual visor market are using various strategies such as research and development activities, mergers, acquisitions to develop and deploy new technologies and components in automotive and other electric products.
- In January 2020, Robert Bosch GmbH, unveiled new smart visor for a safer driving experience by blocking out the glare from the sun. Bosch’s technology utilizes intelligent algorithms to intuitively block the sun’s glare without blocking the view of the road ahead.
- In 2018, EyeSight, a Tel Aviv, Israel-based artificial intelligence (AI) and hardware setup, raised US$ 15 Mn for AI-powered in car monitoring.
Some of the prominent players operating in the AI virtual visor market profiled by Fact.MR are:
- Robert Bosch GmbH
- Sunvisors India Private Limited
- Irvine Automotive Products
- KOBO GmbH & Co. KG
- Atlas Holdings
More Insights on the Global AI Virtual Visor Sales Outlook
Fact.MR provides an unbiased analysis of AI virtual visor market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for AI virtual visor with a detailed segmentation on the basis of:
- Busses & Coaches
Root to Market
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
For More Insights of Fact.MR Trending Report
Fact.MR scrutinized an extensive range of data and further triangulated and simplified it into insights for better understanding of market penetration and key trends. We hope that this study would help you better understand the crucial factors about the AI virtual visor market.
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?
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